What is a business loan?
Businesses require an adequate amount of capital to fund start-up expenses or pay for expansions. As such, companies take out business loans to gain the financial assistance they need. A business loan is debt that the company is obligated to repay according to the loan’s terms and conditions.
With 20 years of experience, Prime Finance understands the hassle of jumping through the hoops just to apply for a business loan at a bank, let alone the wait time for getting an approval.
Reasons to take out a business loan.
• Purchase of a business
• Purchase of new plant or equipment
• Purchase of stock
• Paying tax or other work related expenses eg. wages, legal fees, advertising etc
• Business repairs and maintenance
• Working capital
• Council approvals/Head works
• Bridging the unexpected “gap”
• Funding a commercial or industrial property purchase when the bank cannot settle in time.
• Funding a residential investment property purchase where the property is to be owned in a trust or company name
Prime Finance business loans can be used for a short- term or intermediate term.
Short term business loan
Short term business loans are no longer than a 12 month period or as short as one month.
Intermediate term business loan
Intermediate term business loans usually have a term to maturity of 1 – 3 years.
Prime Finance business loan product guides
1. Loans up to 1.5 million dollars
2. LVR up to 80% of as is value (terms and conditions apply)
3. Business loan rate is 1% per month
4. Loan term is 1 month to 2 years
Acceptable business loan securities
· Residential properties in metropolitan areas
· Rural / Residential properties (population over 50,000)
· Commercial properties
· Industrial properties
· Vacant Land (in metropolitan areas only, LVR up to 75%)
· Development sites (subject to terms and conditions)